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Monday, 3 June 2013

More than a third of couples in the UK are falling into debt as a result of indulging in their partner's diva demands, according to new research from Quidco.

Boyfriends are entertaining the demands of their girlfriends, which include luxury holidays, fine dining and top high street brands and designer labels.

On average, this expenditure is setting them back £1,632.

However, it's not just men who are overspending in order to meet their partner's high expectations as women are also spending money on luxuries for their high maintenance boyfriends.

Women in the UK are shelling out an average of £84 each month in order to meet their partner's demands.

Though they probably would not admit it to their significant other, this is becoming a constant concern for couples across the UK. Seven out of ten adults questioned in the survey said they worry about the costs of keeping up with the wants and needs of their other half.

This diva behaviour of men and women in the UK is causing many to fall into credit card debt in an attempt to keep up, with the average bill reaching £1,426.

Some 32 per cent of women surveyed have found themselves in debt by entertaining high maintenance partners, with almost 40 per cent of men in the red.

Andy Oldham, managing director at Quidco, said: "All couples like to spoil each other and make one another happy, but splashing out on expensive treats in a continually challenging financial climate can be dangerous for cash-strapped Casanovas."

Maintaining relationships is important but partners should try to budget their spending and put money aside for gifts for their partners.

An increasing number of people are falling into debt in order to keep their boyfriend or girlfriend happy with many turning to plastic to foot the bill. This debt can easily spiral out of control, especially when credit card interest rates are high.

People using credit cards should have a financial plan in mind in order to pay off the bill as quickly as possible.

By Amy White

By News Team and is filed under Personal Debt.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Tuesday, 28 May 2013

Too many households in the UK are being forced to use credit cards and overdrafts to get them through to payday.

Research by MoneySupermarket.com has discovered the current generation is becoming overly reliant on borrowing to balance their finances – a situation that could lead to heartache in the long run.

Indeed, the study discovered consumers are saddling themselves with additional debt as they do not fully understand how interest rates are calculated.

Worryingly, 39 per cent of respondents have used their savings to get by, while 41 per cent have been forced to rely on an authorised overdraft to tide them over and 27 per cent turned to plastic.

Kevin Mountford, head of banking at MoneySupermarket.com, said one of the main reasons that people are struggling is because of the rise in the cost of living.

"For those relying on credit cards or their overdraft as a fall back until pay day, as our findings show, it really does pay to research your options and think about the additional interest you could end up forking out," he added.

Mr Mountford pointed out that credit cards can boost credit profiles and help people manage their day-to-day expenditure, but if individuals do not pay off the balance in full at the end of every month, they could get caught up in a debt spiral.

People are also demonstrating an increasing willingness to lean on their friends and family in their hour of financial need. Some 27 per cent of those questioned had borrowed money from this source, with those aged between 18 and 34 the most likely to do so.

Individuals going down this route need to be careful though, as this could create some discontent if previously agreed upon repayment plans are not kept.

Mr Mountford concluded by reminding consumers of the golden rule of borrowing – to make sure "you can pay it back and that any debt incurred doesn't spiral out of control".

By James Francis

By News Team and is filed under Personal Debt.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.